I received a letter stating that "based on an appraisal report I completed, that Flagtstar Bank has rescinded my eligible status with Flagstar Bank" I enquired concerning this and asked to see the review of my appraisal. I was told I could only have the addresses used in the review. Upon my investigation these "sales" all turned out to be probably the worst comparables that could have been chosen. My appraised value was "shot down" by $75,000 as the reviewer stated the home worth $210,000.00 not the $285,000.00 I appraised it at.
It has come to my attention that the same appraiser was then hired to do a new appraisal. It was shocking to find out that this very appraiser not a week later now valued the home $65,000.00 higher than the value he stated on my review. ($275,000.00)
This "chief appraiser" Mr Liley, at Flagstar has been giving me the run around for weeks now and never returns a phone call. The last contact was several weeks ago and that an impartial reviewer be hired to get their opinion. Well, no resonse to this. I am assuming that the review went in my favor and now Mr Liley is up against a rock and a hard place. I refuse to let this go. This is my livelyhood and he has caused me to loose untold income from some of my lenders who now, cannot use my appraisals.
I intend to follow this to the "top" executive officers if only to have this Mr Liley looked at for his practices. Not only did he try to give me false information regarding his investigation into my comparable sales, he is profoundly unprofessional in his practices.
I am filing complaints with the State of Michigan against Flagstar Bank and Mr. Liley himself with the state appraisal board for what I see as ethics/standards violations and improper appraisal practices. I am also filing a complaint with the I.D.F.P.R. Against this "review" appraiser for stating a value of $210,000.00 and a week later stating the same home was $275,000.00
0 comments